Analysis-Walmart’s strong forecast signals a resilient consumer

By Siddharth Cavale and Aishwarya Venugopal (Reuters) – A positive forecast from retail bellwether Walmart on Thursday signaled a resilient U.S. shopper, in line with earlier remarks by one of its key suppliers and one of its retail rivals. American shoppers are opening their wallets, spending money on bargain-priced goods in stores and online, with many people turning to Walmart’s delivery service for convenience, Walmart executives said on Thursday. The nation’s largest retailer raised its … Read more…

Tesla gets local council go-ahead for German factory expansion

GRUENHEIDE, Germany (Reuters) – Tesla got the go-ahead for an expansion of its German factory in Gruenheide near Berlin from the local council on Thursday despite protests against the U.S. electric vehicle maker’s plans. The green light from the Gruenheide council is just the first in a series of hurdles Tesla needs to clear before being able to start its expansion to add logistical spaces including a train station. The expansion must also be approved … Read more…

Dow tops 40,000, Biden trolls Trump in split-screen video

WASHINGTON (Reuters) – The Dow topped 40,000 for the first time on Thursday in an all-time high, giving U.S. President Joe Biden an opening to prove his Republican election rival’s 2020 predictions wrong. The state of the U.S. economy looms as one of the larger factors weighing on the Democratic president’s bid for reelection. Persistently high prices have hindered Biden’s efforts to win credit from voters for his handling of the economy, although inflation in … Read more…

JPMorgan investors weigh CEO Dimon’s strategy, succession after record year

By Nupur Anand NEW YORK (Reuters) – With JPMorgan Chase coming off a year of record profits, investors are eager to learn about the firm’s succession plans, investments in artificial intelligence and opportunities beyond traditional banking. Chief Executive Jamie Dimon and his team will be presenting their growth strategies and financial targets on Monday at JPMorgan’s investor day in New York. More than 18 years into Dimon’s tenure as CEO of the bank, JPMorgan’s shares … Read more…

Fed gets some good news on inflation progress

By Ann Saphir (Reuters) – Federal Reserve policymakers waiting to see renewed progress on inflation before reducing borrowing costs got some encouraging data on Wednesday with a government report showing inflation eased a bit in April.    The 3.4% rise in the consumer price index from a year earlier, and the 0.3% increase from March, shows the Fed still has some distance to go before it achieves its 2% target for inflation. But the report … Read more…

Explainer-How Boeing could face the criminal prosecution it avoided in 2021

(Reuters) – The U.S. Justice Department said Boeing breached its obligations under a 2021 agreement that kept the planemaker from criminal prosecution following fatal 737 MAX crashes in 2018 and 2019 that killed 346 people. The finding raises the prospect of Boeing facing prosecution it had previously avoided, which could result in fresh penalties and deepen an ongoing corporate crisis that has already resulted in a management shakeup and government investigations. Boeing failed to “design, … Read more…

AI’s use in finance may need new rules, ECB says

FRANKFURT (Reuters) – The use of artificial intelligence in finance is still in its infancy but it needs to be monitored and possibly regulated to prevent harm to consumers and ensure the proper functioning of markets, the European Central Bank said on Wednesday. The ECB saw a number of opportunities from the use of generative AI by banks and other financial institutions, such as superior processing of information, more efficient customer service and even a … Read more…

Putin to visit China’s Xi to deepen strategic partnership

By Guy Faulconbridge MOSCOW (Reuters) – Russian President Vladimir Putin will visit China on Thursday for talks with Xi Jinping that the Kremlin hopes will deepen a strategic partnership between the two most powerful geopolitical rivals of the United States. China and Russia declared a “no limits” partnership in February 2022 when Putin visited Beijing just days before he sent tens of thousands of troops into Ukraine, triggering the deadliest land war in Europe since … Read more…

Meta to shut Workplace app to focus on AI, metaverse

(Reuters) – Meta Platforms will discontinue its work-focused Workplace app as the company shifts its focus on building artificial intelligence and metaverse technologies, the Facebook parent said on Tuesday. Workplace will be shuttered starting June 2026 for customers but Meta will continue to use it as its internal messaging board, the company said, adding users can continue to access the product until August 2025. “We are discontinuing Workplace (to) focus on building AI and metaverse … Read more…

Explainer-Why are meme stocks rallying again?

By Sruthi Shankar and Medha Singh (Reuters) – GameStop and AMC Entertainment have again captured retail investors’ attention, reminiscent of “the meme stock frenzy” that gripped Wall Street three years ago, following social media posts from the leading figure behind that rally “Roaring Kitty”. Here is what you need to know about the recent surge in meme stocks: ROARING KITTY AND HIS SKETCH Keith Gill, popularly known among traders as “Roaring Kitty”, shared a series … Read more…